Morning Report

The pair managed to breach support for the ascending channel that has organized the bullish correction wave, where its breached now and turned into resistance at 1.2315. We could witness some fluctuation that will help the mentioned level to be retested before heading towards the expected bearish intraday trend; main targets start at 1.2175 and require the four- hour closing below 1.2365 to be achieved.

The trading range for today is among the key support at 1.2100 and the key resistance at 1.2365.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.

Previous Report Weekly ReportSupport1.22201.21751.21351.21001.2060Resistance1.23151.23651.24201.24801.2550RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.2315 targeting 1.2175 and stop loss below 1.2420, might be appropriate.